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From Mitch King:

U.S. stocks were up throughout the day Wednesday but

gave up almost half of the day’s gains before the end of

today’s session. The indexes opened strong today after

a bond auction in Portugal helped ease fears over

European banks. Stocks later began to sell off after text

of President Obama’s speech on business tax breaks

was made available, and the Fed’s Beige Book showed a

deceleration in economic growth across the country.

From Schaefffer Research:

My view:

As summed by yesterday.. I think the market is scary but today's up is kind of expected. So for the next few days, I will pay attention to the S & P:

It will be in a new round of bounce back (overbought). If S &P can withhold 1090, it can go up to 1130. Or it will retrace back at least to 1040.

Let s watch tomorrow's jobless claim index. A bad number will definitely pull the market down as hard as it can.

Today's market recap - Sep 7, 2010

Today's market review:

VIX: Gap up and close above 200 MA, bullish!

NASDAQ: LH, LL, close with higher volume

DOW: Hit 200MA and pulled back, closed n dark cloud cover with lower volume

	Equity Options			Index Options			Interest Rate Options			Total			Put / Call
Time	Calls	Puts	Total	Calls	Puts	Total	Calls	Puts	Total	Calls	Puts	Total	Ratio
9:00 AM	166277	88909	255186	63962	107725	171687	0	0	0	230239	196634	426873	0.85
9:30 AM	252339	145087	397426	151689	348635	500324	0	0	0	404028	493722	897750	1.22
10:00 AM	336835	192328	529163	181539	373595	555134	0	0	0	518374	565923	1084297	1.09
10:30 AM	407299	236537	643836	223181	447538	670719	0	0	0	630480	684075	1314555	1.09
11:00 AM	467880	266934	734814	252491	491445	743936	0	0	0	720371	758379	1478750	1.05
11:30 AM	503388	294157	797545	279879	538748	818627	0	0	0	783267	832905	1616172	1.06
12:00 PM	539449	321353	860802	298990	860571	1159561	0	0	0	838439	1181924	2020363	1.41
12:30 PM	581461	341237	922698	318601	916836	1235437	0	0	0	900062	1258073	2158135	1.40
1:00 PM	621110	362773	983883	339903	934585	1274488	0	0	0	961013	1297358	2258371	1.35
1:30 PM	664304	394143	1058447	348207	950520	1298727	0	0	0	1012511	1344663	2357174	1.33
2:00 PM	727283	428999	1156282	374126	985926	1360052	0	0	0	1101409	1414925	2516334	1.28
2:30 PM	769925	460232	1230157	414602	1031551	1446153	0	0	0	1184527	1491783	2676310	1.26
3:00 PM	829185	499489	1328674	451354	1204554	1655908	0	0	0	1280539	1704043	2984582	1.33

Final Volume and Open Interest information can be found here.

From the index, the market will move down tomorrow again.

However, the higher put/call ratio from today is frightening, normally higher put/call ratio means the MM may hedge their position. normally Higher put/call ratio is an bullish signal.. So it is weird.

From VV: Renewed concerns over the health of European banks caused investors to dump stocks today, causing the Major Indexes to finish sharply lower. A little bearish.

From Schaeffer research: Senior Technical Strategist Ryan Detrick. From a broader standpoint, he thinks the S&P 500 Index (SPX) will eventually break north of its current range between 1,040 and 1,130, but says the big question will be the catalysts. "I think it'll be two things: better-than-expected third-quarter earnings, and the excitement – whether you like it or not – of gridlock coming to Washington this November in the form of the Republicans in power in the House," he explained.

Calendar (All Eastern times)

Wednesday, 10:30am, Crude Inventories

Wednesday, 2:00pm, Fed's Beige Book

Wednesday, 3:00pm, Consumer Credit,

Thursday, 8:30am, Initial Claims, 470K

Thursday, 8:30am, Continuing Claims, 4

Thursday, 8:30am, Trade Balance,

Friday, 10:00am, Wholesale Inventories, 0.4%

My thoughts: Because last week, it is strong up trend, this week after the 3 day holiday, the MM lose the momentum to test the highest point of last Friday.
But it didn't fill the gap from last week, which indicate the equal power between bull and bear. My view of the market trend is that the bull may last for several days for this up wave. The VV still indicates today is UPUP trend. If tomorrow goes down, I may take some long position.